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Q&A: Microlease is Becoming Electro Rent

1. How will this change benefit me?

    • Largest Inventory in the Industry - by far. Over $1 billion of rental, new, and refurbished equipment in stock and available for quick delivery – including industry-leading brands such as Keysight, Tektronix, Keithley, Rohde & Schwarz, Anritsu... and more than 200 additional quality brands.
    • Highly Technical Team of Experts. Engineers, finance, and asset management specialists available to help you solve your toughest technical and financial challenges related to testing.
    • Extensive Financing Options. A variety of procurement options including New Purchase, Refurbished Purchase, Rental, Lease, and additional flexible financing options to help you stretch your budget.
    • World-Class Asset Management Tools. Comprehensive test management services and tools to help you get the utmost value from your test-related investments, including both people and equipment.

2. When did Electro Rent acquire Microlease?

January 31, 2017.

3. Will I still have the same sales and support contacts?

We are pleased to offer additional technical support overall. If you are unsure who to contact, please contact sales@electrorent.com and one of our sales engineers will get back to you shortly.

4. To whom do I issue Purchase Orders?

Please issue purchase orders to the contact information and company named on the received quote(s). If quote is received from Electro Rent please issue to Electro Rent, and if quote is received from Microlease please issue to Microlease.

Purchase Orders to Electro Rent
To: Electro Rent Corporation

·         Federal Tax ID: 95-2412961

·         DUNS Number: 05-399-9009

·         CCR Cage Code: 1K4J0

·         NAICS Code: 532490

·         Postal Address: 6060 Sepulveda Blvd, Van Nuys, CA 91411

·         Banking/Routing Information:

˗       JPMorgan Chase Bank, N.A. 270 Parkway, Avenue, New York, NY 10003

˗       Account name: Electro Rent Corporation 

˗       Account Number: 532389520 

˗       ACH / EFT: 322271627

˗       WIRE TRANSFER: 021000021  

˗       Swift Code: CHASUS33  

˗       Remittance Email: AR@electrorent.com

Purchase Orders to Electro Rent (CAN)
To: Electro Rent LLC

·         Federal Tax ID: 95-2412961

·         DUNS Number: 05-399-9009

·         CCR Cage Code: 1K4J0

·         NAICS Code: 532490

·         Postal Address: 210 Brunel Road, Units 1 & 2 Mississauga, Ontario L4Z 1T5

·         Banking/Routing Information:


Credit to Beneficiary

˗       JPMorgan Chase Bank, N.A. Toronto Branch
200 Bay Street. South Tower Suite 1800
Toronto, Ontario M5J 2J2 Canada

˗       Account name: Electro Rent LLC

˗       Account Number: 4000010904 (CAD) / 4000010888 (USD)

˗       WIRE TRANSFER: 02100012 (CAD) / 021000021 (USD)

-   Transit Number: 00012 (CAD/USD)

-   Bank No: 270 (CAD/USD)

-   Swift Code: CHASCATTCTS (CAD/USD)

Intermediary Bank

˗       Bank name: Royal Bank of Canada Toronto (CAD) 
                 JPMorgan Chase Bank, N.A. (USD)

˗       WIRE TRANSFER: 021000021 (USD)

-   Swift Code: ROYCCAT2 (CAD) / CHASUS33 (USD)


Purchase Orders to Microlease

To: Metric Equipment Sales, Inc. DBA Microlease

 

·         Federal Tax ID: 94-3166569

·         DUNS Number: 79-8253068

·         CCR Cage Code: 1CMU9

·         NAICS Code: 423610, 423690, 423830, 532490

·         Postal Address: 25841 Industrial Blvd., Suite 200, Hayward, CA 94545

·         Banking/Routing Information:

     -  HSBC 601 Montgomery Street, Suite 1500      San Francisco, CA 94111

      ˗      Account Name: Metric Equipment Sales, Inc.

˗       Account: 267115466

˗       Routing: 122240861

˗       Swift Code: MRMDUS33

˗       Remittance Email: ar.na@microlease.com


5. To whom do I pay invoices?

Please remit any outstanding payments to the contact information on the received invoice(s). If invoice is received from Electro Rent please issue to Electro Rent, and if invoice is received from Microlease please issue to Microlease.

Payment details can be found on your invoices. Feel free to contact our Accounts Receivable department at ar@electrorent.com if you have any questions.


Yes, both sites will still be live through this transition period, so feel to check them out at any time. Please visit www.electrorent.com or www.microlease.com to search for equipment, learn about our equipment services, and submit inquiries.

7. Who do I contact if I have questions?

Please contact us at (800) 553-2255 or sales@electrorent.com.

8. Further information about the acquisition

Electro Rent Corporation announced the completion of the acquisition of Microlease from Lloyds Development Capital on February 3, 2017.

Electro Rent is a portfolio company of Platinum Equity, which acquired the business in August 2016. Microlease CEO Nigel Brown said the transaction creates a premier platform with a global footprint.
“This is exciting news for our customers, our employees and all of our partners. Both companies are leaders in testing and measurement equipment rental, sales, and asset management services,” said Mr. Brown. “We will better serve our markets through an expanded equipment fleet and broader geographical coverage, ensuring better availability levels and a higher level of technical service.”

Mr. Brown said he expects a seamless transition. The North American operation will remain headquartered in Van Nuys, California and EMEA operations will be headquartered in London, United Kingdom.

About Electro Rent
Electro Rent Corporation (http://www.electrorent.com) is one of the largest global organizations devoted to the rental, leasing and sales of general purpose electronic test equipment, personal computers and servers. It has over 50 years of experience in advising customers on their best acquisition approach, including rent, purchase and leasing options and combinations. The company is headquartered in Van Nuys, California, USA.

About Microlease
Microlease (https://www.microlease.com) is a leading equipment services and distribution provider to the test and measurement industry across Europe, Asia, and the US. It helps clients deploy equipment when and where needed in the most cost-effective manner via services including rental, leasing, and asset management. The company was founded in 1979, and is headquartered in London, United Kingdom.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with a portfolio of approximately 30 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations — a trademarked strategy it calls M&A&O® — acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics. Over the past 20 years, Platinum Equity has completed more than 185 acquisitions.